Shares of Purvankara Ltd. surged over 10% to hit a 16-year high on Wednesday after it reported its highest real estate collection in the third quarter.
Purvankara's sales value rose 56% year-on-year to Rs 1,241 crore in the quarter ended December, according to an exchange filing. The company's customer collection from the real estate business rose to its highest, increasing 52% to Rs 941 crore, it said.
Average price realisation fell 2% to Rs 7,610 per sq. ft. in the third quarter, due to inventory mix between Purva, Provident Housing Ltd., and Purva Land brands.
Shares of the realtor jumped 10.55%, the highest since Dec. 13, 2007, before paring gains to trade 7.20% higher as of 10:23 a.m. This compares to a 0.01% decline in the NSE Nifty 50.
The stock has risen 164.32% in the last 12 months. Total traded volume so far in the day stood at 7.7 times its 30-day average. The relative strength index was at 77, indicating that it was overbought.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 169.4%.
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